转 CPF 投资者以后要有参加股东大会和投票权了

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CPF investors to get voting rights

2012-10-04 00:31:44.1 GMT

Oct. 4 (Straits Times) -- THE 900,000 or so Singaporeans who

have CPF investment accounts will be able to take a far more

active role in overseeing their investments under sweeping

reforms to the Companies Act.

It will also be easier for investors in general to demand a

shareholders' meeting, said the Finance Ministry when it unveiled

the changes in a statement yesterday.

The key reform involves freeing up rules surrounding proxy

voters at shareholder meetings and will have a significant impact

on those 900,000 people with CPF investment accounts.

Under existing rules, a CPF investor's shares in a firm are

held on his behalf by one of the three local banks. But he can

attend the firm's meetings only as an observer and does not have

the right to vote. That all changes under the "multiple-proxies"

reforms that will be fully in place by mid-2014.

It will allow any CPF investor to take part in shareholders'

meetings like direct investors, including asking questions and

voting.

The ministry said: "This will provide for more active

participation at general meetings by the beneficial owners of the

company, and help to strengthen the culture of corporate

governance."

The policy of restricting proxies to vote by poll - this

means by paper or electronic device - will also be scrapped,

allowing them to cast their ballot with a show of hands as direct

shareholders do.

A CPF investor who wants to attend a meeting must lodge his

proxy form at the company at least 72 hours before the meeting,

up from the 48 hours now. This is to address concerns raised by

companies about the administrative issues that may crop up from

more investors turning up at meetings.

Although the code of corporate governance already encourages

listed firms to amend their articles to remove the limit on the

number of proxies that can be appointed to vote, few have done

so.

The reform appears to address that lack of action.

In one other change announced yesterday, the threshold for

shareholders to demand a company meeting will be cut from 10 per

cent to 5 per cent of its shares.

Market watchers have welcomed the reforms, particularly the

one that will let CPF investors attend shareholders' meetings.

Securities Investors Association (Singapore) president David

Gerald said: "This is a recognition of CPF investors as

shareholders of a company. This recognition has been long

awaited."

Mr John Lim, chairman of the Singapore Institute of

Directors, said: "This is a step in the right direction. But the

big hurdle is how to work it out administratively."

About 60 per cent of Singapore Exchange-listed firms are

also incorporated in Singapore, so their meetings are held here.

Corporate lawyers anticipate that the SGX will have to

change its listing manual to make sure that firms incorporated

overseas harmonise their practices with Singapore-registered

ones.

Mr Robson Lee, a partner with law firm Shook Lin & Bok,

said: "The SGX may require a foreign-incorporated firm to change

its constitutional documents to give CPF investors the same

rights in attending meetings that they will get to enjoy in a

Singapore-registered firm."

[email protected]

CHANGES WILL HELP CUT BUSINESS COSTS

Copyright 2012 Singapore Press Holdings

-0- Oct/04/2012 00:31 GMT

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至少投资的公司每年会请吃顿饭吧。